BATG补充阅读

http://www.investopedia.com/articles/financial-theory/08/leveraged-buyouts.asp关键还是理解LBO，否则这电影对于非管理类的人看，太折磨。Leveragedbuyouts(LBOs)haveprobablyhadmorebadpublicitythangoodbecausetheymakegreatstoriesforthepress.WhilethestoriessurroundingLBOsareexciting,theconceptoftheprocessisquitesimpleand,ifusedcorrectly,canleadtoasuccessfulfutureforacompanythatmaybeincrisis.Readontofindouthow.LeveragedBuyoutsThemediawouldliketheaverageinvestortobelievethatabuyout,whetherleveragedornot,isruthlessinnature,leadstomassiverestructuringandlayoffs,ripsoffthecommonmanandeventuallybankruptsthecompanyasthefatcatsgetrich.LBOsremindmanypeopleofthemoviequot;BarbariansattheGatequot;(1993),based(somesayloosely)onthetruestoryofwhenthen-CEORossJohnsonmadeplanstobuyouttherestoftheR.J.R.NabiscocompanyafterseeingtheresultsofthefailureofPremier,thecompanyssmokelesscigarette.ThedramaunfoldsasJohnsonscharacterinitiallydiscussesdoingtheLBOwithHenryKravisandhiscompany,butattemptstouseShearsonLehmanHuttoninstead.Inthiscase,acertainlevelofprideandgreedwasinvolvedandthedramaendedwithaninflatedbuyoutpriceandanincredibledebtload.(FormoreonmoviesaboutWallStreet,seeFinancialCareersAccordingToHollywood.)LBOisthegenerictermfortheuseofleveragetobuyoutacompany.Thebuyercanbethecurrentmanagement,theemployeesoraprivateequityfirmknownasoutsiders.Someleveragedbuyoutsoccurincompaniesexperiencinghardtimesandpotentiallyfacingbankruptcy,ortheymaybepartofanoverallplan.NotallLBOsareregardedaspredatory.CommonBuyoutScenariosandPositiveandNegativeEffectsofLBOsLeveragedbuyoutscanhavepositiveandnegativeeffects,dependingonwhichsideofthedealyouareon.Therearemanyscenariosdrivingabuyout,butfourexamplesaretherepackagingplan,thesplit-up,theportfolioplanandthesaviorplan.